The leading US financial holding JPMorgan will lead a new investment round for ConsenSys, the Ethereum-focused company. The deal could close by the end of August and would be worth $50 million, The Block reports, citing people familiar with the matter.
In April 2019 it was reported that ConsenSys planned to raise about $200 million at a $1 billion valuation. However, investments in the New York-based company have so far been limited to $10 million, received from South Korea’s SK Group.
The new financing will be raised through convertible bonds. JPMorgan, according to sources, will provide $20 million as a strategic investment.
Under the terms of the deal, the publication reports, ConsenSys will take control of the Quorum blockchain subsidiary.
JPMorgan developed the Quorum blockchain in 2016 based on Ethereum and has previously participated in several joint initiatives with ConsenSys.
Earlier, information about a possible merger between Quorum and ConsenSys first emerged in February 2020.
Earlier, JPMorgan also explored spinning Quorum off into a separate company.
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